QRE Niocorp Developments Ltd.

Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(OTCQX: QREDF)(FRANKFURT: BR3) ("Quantum", the "Company") is pleased to provide the first NI 43-101 compliant resource estimate for the Elk Creek Niobium Deposit, located in southeastern Nebraska, USA. The resource estimate was prepared by Wardrop (Mining and Minerals) of Toronto, Ontario.

Mineral estimates were estimated by Wardrop, by applying several different cut-off grades, with a base case resource estimated using a cutoff of 0.40% Nb2O5. The mineral resource estimate for the Elk Creek Deposit, at 0.4% Nb2O5 cut-off grade, is an Inferred Resource of 83.4 Mt at 0.62 Nb2O5%. The resource was estimated by ordinary krig (OK) method for Nb2O5% at various Nb2O5% cut-off grades ranging from 0.35 Nb2O5% to 0.70 Nb2O5% and are presented in the Table below. No recoveries have been applied to the interpolated estimates.

Table 1.1 Inferred Resource Estimate for the Elk Creek Deposit

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                                               Contained
Nb2O5%                  Tonnes                     Nb2O5
Cut off      Density  (x 000 t)    Nb2O5% (1,000's of kg)
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0.70%           3.00    19,224       0.80        153,239
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0.60%           3.00    42,030       0.72        300,965
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0.50%           3.00    66,834       0.65        437,703
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0.40%           3.00    83,367       0.62        513,184
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0.35%           3.00    86,100       0.61        523,628
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Notes:
1. Effective date of the resource estimate is 11 March 2011
2. Resource estimate based on Nb2O5% assays from historic assay database.
3. Wardrop considers a base case cut-off grade of 0.40 Nb2O5% to be
   reasonable in the absence of metallurgical data and economic parameters
   (i.e. operating costs).
4. Average specific gravity of 3.00 g/cc
5. The resource estimate has been classified as an Inferred Resource based
   on the use of historic data, number of drill holes used in the estimation
   and for the relatively low sample support within the current outlined
   deposit.
6. Resource Estimate is based on:
-  A database of 25 drill holes totalling 14,739.8 m of diamond drilling
   where samples were composited on 3.05 m (10 ft.) lengths.
-  An Indicator Kriged (IK) wireframe, defining a 45% probability of
   achieving or exceeding a cut-off of 0.4 Nb2O5%, was generated on block
   size of 20 m x 20 m x 10 m.
-  Geological model bounded by the IK wireframe. The IK wireframe was
   generated based on the 25 drill holes.
-  Block model estimated by OK interpolation method on block size
   10m x 10m x 10m. The OK estimation was generated based on 14 drill holes
   within the mineralized IK wireframe.
-  Resource Estimate assumes 100% recovery as metallurgical results are not
   available.

Peter Dickie, President and CEO of Quantum Rare Earths Developments Corp. comments, "We are greatly encouraged by these exceptional results, as they provide the United States with the opportunity to develop a domestic supply of Niobium.; a country which currently imports almost 100 per cent of its consumption. According to the USGS, 8.5 million kilograms of niobium were imported by the US in 2010. Recent developments in the critical metals market highlight the need for a diverse supply chain for critical metals."

The Elk Creek Niobium Deposit is an elongate, approximately east-west orientated mineral occurrence, in excess of 800 meters along strike. The deposit remains open to the east, west and at depth. It is hosted by the Elk Creek Carbonatite, which is an intrusive complex of carbonatite and related rocks. The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration took place. At least 113 core holes were completed within the outline of the seven-kilometre-diameter geophysical anomaly, with 25 holes completed within a core zone, where high-grade niobium mineralization was identified.

The company anticipates an active exploration program at Elk Creek during 2011. Fugro Airborne Surveys Corp. of Ottawa, Ont., has informed the company that it is now in receipt of permits for a high-resolution airborne gravity and magnetic survey. The survey is scheduled for the end of March and once complete, the company will undertake an approximately 3,000 m drill program. This program is anticipated to begin during the later part of April. The spring 2011 drill program at Elk Creek, will be the first undertaken on the project in more than 25 years. Goals of the drill program include:

1.  the collection of core for metallurgical test work,
2.  confirming and stepping out beyond the existing resource, and
3.  confirming and stepping out beyond the REE mineralization previously
    reported for Hole EC-93 (155.5 m of 2.70% TREO).

Carbonatites can host multiple commodities; notable examples include the Palabora Complex (Cu, Fe, P, Zr, U, Vermiculite) in South Africa, Araxa (Nb) in Brazil, St. Honore - Niobec (Nb), Quebec and Mountain Pass (REE's), California. Iamgold's Niobec Niobium Mine, Quebec, is hosted by a carbonatite and is one of the world's largest primary niobium producers with proven and probable reserves of 32.09 MT at 0.56% Nb2O5.

Qualified Persons: Paul Daigle, BSc, P.Geo., from Wardrop is an independent qualified person as defined by NI 43-101, and is responsible for the mineral resource estimate for the Elk Creek Niobium Deposit and has verified the data disclosed in this release.

Mr. Neil McCallum, P.Geol. is the qualified persons responsible for the Elk Creek Carbonatite Project and has read and approved the technical disclosure contained in this news release.

On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Archie Lake property, and intends to file additional NI 43-101 reports on additional properties as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contacts: Quantum Rare Earth Developments Corp. Peter Dickie President and CEO (604) 669-9330 (604) 669-9335 (FAX) www.QuantumRareEarth.com